L&T was down 3 per cent after its results lagged estimates and HCL Tech was down after its margins disappointed.

Banking stocks were doing well ahead of the Reserve Bank of India (RBI) Credit Policy on August 4. ICICI Bank which reported decent numbers was among the gainers and was up 2 per cent, while other banking stocks like

Canara Bank and Union Bank were also among the gainers. Hero Motor Corp was trading marginally lower ahead of its results to be declared later today.

Mid cap stocks were seeing some buying traction with shares like Voltas and Sun TV among the gainers. PSU Banking shares which saw a sharp rally on Friday continued to gain ground.

Oil marketing companies were among the gainers after a fall in crude prices. BPCL and HPCL were trading higher.

Meanwhile, markets across Asia were trading sharply lower led by losses in the Shanghai Composite and the Hang Sang.